ProFrac Holding Corp. (NASDAQ: ACDC) saw its stock price surge by 8.97% on November 5, 2024, following the release of its third-quarter 2024 results and an optimistic outlook for the upcoming year.
The oilfield services company reported a wider net loss of $45.2 million, or $0.36 per share, in the third quarter, compared to a loss of $18.9 million in the same period last year. However, total revenue increased slightly to $575.3 million from $574.2 million a year ago, beating analyst estimates of $553.9 million.
While ProFrac faced challenges such as higher operating costs and a goodwill impairment charge in the third quarter, the company expressed confidence in a recovery in activity levels and pricing in 2025. ProFrac anticipates increased demand for its integrated fleet deployments, particularly for electric and natural gas-capable equipment, as operators shift their focus towards cleaner energy solutions.
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